In recent years, insurance companies have turned to automation solutions for different processes. These include: CRMs, Risk assessment tools, email tracking, claims TPA integration, claims advisory, etc. Claims — being the primary function of every insurance company, need simplified solutions to facilitate the increasing demand.
With the pandemic of 2020, the rise in demand for insurance and claim (especially life insurance) has been in the uptrend. The total benefits and claims in the year 2021 were $790,853,489. To keep up with the demand and ensure that the claim decisions and records systems are agile and prepared for uncertain situations, here are the latest automation trends that you should be aware of.
Latest Automation Trends In The Insurance Industry
1. RPA (Robotic Process Automation)
The use of robotic intelligence has been on the rise. Just like customer agents, these robots acquire, assemble, navigate, create and send data to potential clients, existing clients, and leads. With the use of robots in insurance, cost reduction is implemented, and time-heavy tasks can be solved in a jiffy.
RPA helps centralize documents, so you can pull up multiple information from one unified interface instead of struggling with multiple tabs on a daily basis. It also enables search-based queries, which saves time for both the company and the client.
2. CRMs (Customer Relationship Management)
For insurance risk assessment companies, retaining their customers for the long term, and having constant insurance renewals is essential. In traditional practices, this would be done with one of your representatives meeting the client, explaining new policies and benefits, and waiting for their — approval or rejection!
CRMs are full-fledged automation tools that enable you to track your relationship with the customer on a personalized and need basis. It helps keep your database up-to-date, track interaction between the customer and your business, and gives you opportunities to target them for different policies.
It also tells about your customer’s preferences, which helps customize their plans according to their needs and requirements.
3. Email Trackers
Emails and newsletters have become an inherent part of any organization due to the blast in the digital inclination. Email trackers follow the activity of your customers around your emails. It maps the opening rates. CTR (Click Through Rates), conversion rates, etc. so you can create emails that specify their pain points and convert them.
Email trackers also help create target-specific emails like abandonment emails, welcome emails, policy lapse, or policy renewal emails. This help provides valuable insights, removes redundant data, and targets KPIs for different customers. It also helps retain and regain the attention of the client to be loyal to your insurance company.
4. Cloud Computing
The use of on-premise legacy data systems is keeping the insurance companies behind in the goals. But, with the current infrastructure evolution, it has been changing. More and more companies are adapting to the “Cloud-first” approach to find better alternatives to legacy systems.
Switching to cloud-infrastructure means, the members can access data from anywhere and work on insurance clients as and when they want. It also makes for a better flow for collaboration with different companies and has more space digitally. More than anything, a cloud system ensures — no data is lost in the event of fires, floods, or other uncontrollable disasters.
5. Embedded Insurance
We talked about collaboration in the last part. This is the key to it. Embedded insurance is a process that simplifies the customer’s access to various policies for different activities. The complexity of getting a policy is often dreaded. But this advent in technology helps clients to buy insurance while they’re making a transaction. For example, while traveling via flight, the client can directly buy travel insurance instead of going to an insurance office and getting it. This helps expand the horizon of the insurance industry and ensures safety in all aspects of life for the clients.
Automation Brings Competitive Edge
Automation in the insurance sector has been lauded for creating a holistic experience for the clients and giving more liberal freedom of creativity to insurance officials. It removes the monotony and ensures that unification and simplification are achieved for both extremes — employees and clients.
